Quarterly guidance

Consolidated Revenue
Expect slightly larger FX headwinds in Q4 relative to the prior quarter.
Google Services
Will continue to lap search performance acceleration from last year, pressuring revenue growth.
Google Cloud
Expect TPU system sales to continue to scale in Q4.
Cloud Margins
Expect margin headwinds in the near term as third-party compute capacity is utilized.

Annual guidance

CapEx
Full year 2026 guidance range of $195 billion to $205 billion remains unchanged.

Outlook

AI Model Momentum
Expect the next 12 months to see continued acceleration in training and launch velocity due to RSI.
Search Evolution
Scaling high-quality ads within AI overviews and AI mode to more users and international markets.
TPU Systems
Expect a meaningful revenue ramp for TPU systems in 2027.
CapEx
Continue to expect CapEx to increase significantly in 2027.
Depreciation
Significant investment in technical infrastructure will continue to weigh on the P&L through higher depreciation and data center operation costs.
ROIC
Expect to generate an attractive ROIC that remains meaningfully above the cost of capital throughout the investment cycle.